U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining more than 100 points on Tuesday.
The Dow traded up 0.40% to 33,653.27 while the NASDAQ rose 0.83% to 10,724.37. The S&P 500 also rose, gaining, 0.55% to 3,913.66.
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Leading and Lagging Sectors
Communication services shares gained by 0.9% on Tuesday. Meanwhile, top gainers in the SIFY), up 11%.
In trading on Tuesday, utilities shares fell by 0.7%.
Top Headline
Wholesale inventories increased by 1% from a month ago to $933.1 billion in November.
Equities Trading UP
- Sotera Health Company (NASDAQ:SHC) shares shot up 93% to $16.64 after the company announced its subsidiaries have reached agreements to settle the Ethylene Oxide cases pending against Sterigenics. Sterigenics will pay the company $408 million to settle the claims.
- Shares of Party City Holdco Inc. (NYSE:PRTY) got a boost, shooting 57% to $0.3243 following an Axios report suggesting The Franchise Group could be looking at acquiring the company.
- VYNE Therapeutics Inc. (NASDAQ:VYNE) shares were also up, gaining 51% to $0.2893 after the company announced the first vitiligo patient was dosed in a Phase 1a/b clinical trial of VYN201.
Equities Trading DOWN
- BioAtla, Inc. (NASDAQ:BCAB) shares tumbled 47% to $4.07 after the company provided clinical program updates and upcoming 2023 milestones.
- Shares of Rayonier Advanced Materials Inc. (NYSE:RYAM) were down 33% to $6.13. RBC Capital downgraded Rayonier Adv Materials from Outperform to Sector Perform and lowered the price target from $9 to $8.
- BIOLASE, Inc. (NASDAQ:BIOL) was down, falling 45% to $0.3799 after the company announced pricing of $9.75 million offering.
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Commodities
In commodity news, oil traded up 1.5% to $75.72 while gold traded down 0.1% at $1,876.60.
Silver traded down 0.8% to $23.69 on Tuesday while copper rose 1.2% to $4.0750.
Euro zone
European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.59%, London’s FTSE 100 fell 0.39% while Spain’s IBEX 35 Index gained 0.2%. The German DAX declined 0.12%, French CAC 40 fell 0.55% and Italy’s FTSE MIB Index fell 0.08%.
Industrial production in France increased 2% month-over-month in November following a revised 2.5% decline in October. Retail sales in the UK rose 6.5% from a year ago in December.
Asia Pacific Markets
Asian markets closed mixed on Tuesday, with the Hong Kong’s Hang Seng Index dropping 0.27%, and China’s Shanghai Composite Index falling 0.21%. Japan’s Nikkei 225 gained 0.78%.
Economics
The NFIB small business optimism index fell to a six-month low of 89.8 in December.
Wholesale inventories increased by 1% from a month ago to $933.1 billion in November.
